The EIP-4907 enables the rental of NFT thanks to a new standard of tokens

Double Protocol oversaw the creation and implementation of EIP-4907, paving the way for NFT leasing. This new standard is backward compatible with the ERC721 standard and makes it possible to decouple the right of use of an NFT from the right of ownership.

The EIP-4907 facilitates the rental of NFTs

Thanks to the Ethereum improvement proposal number 4,907 (EIP-4907), it is now possible to use the non-fungible tokens (NFT) For rent. This technical novelty gives rise to a new standard of NFTs: ERC4907 Tokens

It’s actually a backward compatible extension of the initial standard of NFTs, which is the ERC721 tokens. This update was created and supported by the Double Protocol:

Double is the . come on rental of NFTfor the Ethereum Name Service (ENS) domain name protocol, the Decentraland (MANA) metaverse, and the Warena (RENA) blockchain game.

👉 To continue – Find our guide to non-fungible tokens (NFT)

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The actual operation

All the interest that the EIP-4907 brings is in the dissociation of an NFT’s ownership of the rights of use of this. In other words, this new functionality makes it possible to delegate certain rights granted by the NFT for a certain period of time. More concretely, for example, it is possible to: renting land from a metaverse to create a momentary event.

Everything is preset, or the price of the lease, its duration and the rights it grants. This provides more flexibility in the market. So there is no longer a need to spend hundreds or even thousands of dollars to play your favorite blockchain game.

It can be translated differently. You would think that the owner of a Bored Ape Yacht Club (BAYC) NFT rent it out, to allow someone else to attend a community event. In this way, he retains the ownership of his propertybut can generate an extra return by temporarily making money with it.

Although price is sometimes an important point entrance barrier in the world of NFTs, this novelty enables enormous progress. In addition, thanks to the blockchain, the property right is not interrogated† It is such innovations that will make it possible to move towards real democratization among the general public.

👉 Also in the news – Axie Infinity: the Ronin (RON) bridge available again after several months of closure

Source: GitHub

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